Foursquare Co-Founder Says Equity Holders Got No Returns From Infillion Acquisition

Foursquare co-founder and former CEO Dennis Crowley said preferred and common stockholders received no value from the location-data platform's acquisition by advertising company Infillion last month. Infillion bought Foursquare at an undisclosed valuation. In a blog post, Crowley said he inferred the outcome from an angel investor's post and called the ending "heartbreaking," apologizing to roughly 1,600 former employees over 17 years. Foursquare had raised more than $411 million in funding, according to PitchBook data, and shut down its app in 2024. Crowley said the company surpassed $100 million in annual revenue for consecutive years after pivoting to enterprise business. It raised capital from a private equity firm in 2019 and in 2021 installed the banker who led that raise as CEO. Crowley blamed that management transition for failing to preserve or create value.